The Treasury advises that the above Order is applied in Island law and takes effect from 1 July 2012.
The Order is concerned with EU sanctions imposed against Iran, and includes offences and penalties for contravening those sanctions contained in Council Regulation (EU) No. 267/2012.
The prohibitions involved include one on involvement in the trade in certain goods, and related technical, financial and brokering services. The goods include military equipment, equipment that can be used for internal repression, telecommunications monitoring equipment, equipment and technology for the oil and gas sector, banknotes and coinage, gold, precious metals and diamonds.
The Order is also concerned with the ban on the trade in Iranian oil from 1 July, as well as a ban on involvement in certain infrastructure projects.
For more information contact the Sanctions Officer.